WASHINGTON (AP) The downtown home of the NBA's Wizards and NHL's Capitals is now called Capital One Arena.

Owner Ted Leonsis announced the change from Verizon Center on Wednesday, along with an investment of $40 million in the arena. Leonsis' Monumental Sports & Entertainment is not disclosing the financial terms or length of the new naming-rights agreement.

It goes into effect immediately, with new signage expected by the fall.